Florida mortgage event co-sponsored by company that had to pay $2.1 billion to settle alleged mortgage wrongdoing

Ocwen Financial Corp. and the HOPE NOW Alliance are sponsoring a mortgage modification event August 6 in Port St. Lucie for homeowners struggling to make loan payments.
According to a press release sent out this morning, attendees at the free event will include several of the nation’s largest mortgage services, non-profit housing counseling agencies and Congressman Patrick Murphy, D-Jupiter.
Also attending will be Ron Faris, CEO of Ocwen Financial Corp., which agreed to a $2.1 billion settlement of allegations of wrongdoing, such as using heavy-handed tactics that included failing to promptly credit borrowers’ loan payments and forcing them into expensive insurance policies.

Ocwen said in a statement this morning; “Ocwen agreed to a $2 billion commitment to principal write-downs and paid $125 million to a consumer relief fund. The company did not admit to wrongdoing under the settlement with the CFPB.”

Ocwen denied loan modifications to homeowners who should have received them and shortchanged borrowers through “servicing shortcuts and unauthorized fees,” said Richard Cordray, head of the U.S. Consumer Financial Protection Bureau, when the December settlement was announced.
“Ocwen violated federal consumer financial laws at every stage of the mortgage servicing process,” Cordray said.

In December, Ocwen said the settlement “is in alignment with the same ultimate goals that we share with the regulators — to prevent foreclosures and help struggling families keep their homes.”
Ocwen, which has an office in West Palm Beach, services high-risk mortgages.
“These are our neighbors, and we want to do everything we can to help,” Faris said in the press relase. “For homeowners who have their loan serviced by Ocwen, we want them to know that we are committed to finding long-term sustainable solutions wherever possible.”
The event will take place at the Port St. Lucie Community Center, 2195 SE Airosa Blvd., on Aug. 6 between 2 p.m. and 8 p.m.

Homeowners will be seen on a first come, first-served basis and are encouraged to bring all mortgage documents, income documents, and hardship letters. A full list of the necessary documents can be found at www.HopeNow.com.